News
The latest news, updates and analysis on the the UK retail industry. Covering every segment of the market, Retail Sector’s business journalists keep you in the picture.
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Aug- 2023 -11 August
Tapestry acquires Versace owner for $8.5bn
The owner of Coach, Kate Spade and Stuart Weitzman, Tapestry Inc, has announced its acquisition of Capri Holdings, a global luxury fashion group that consists of Versace, Jimmy Choo and Michael Kors for approximately $8.5bn (£6.6bn). This acquisition brings together six “highly complementary” brands with global reach on Tapestry’s customer…
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11 August
UK economy grows by 0.2% in Q2
The UK economy has grown faster than expected in the three months to June, new figures from the Office for National Statistics (ONS) show. According to the ONS, GDP rose by 0.2% in the second quarter of the year, up from a growth of 0.1% in the first quarter. In…
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10 August
Bookshop.org hits £3m profit for indie bookshops
Bookshop.org, the self-described “ethical book-buying alternative to Amazon”, has revealed it has generated £3m in profit since its launch for the 570 independent bookshops using the platform. It has now set the goal to increase online sales for indies by five times in the next five years. The news comes…
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10 August
Watches of Switzerland sees revenues drop to £382m
Watches of Switzerland has announced that its revenues dropped 1% to £382m, down from £391m in Q1 2023, for the 13 weeks ended 30 July 2023. The company stated that its revenue was in line with guidance, with its Q1 revenue primarily reflecting unwinding of the benefit of product intake…
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10 August
M&S appoints all-women managers to run new M&S stores
M&S has appointed an all-women team of six managers to lead the openings of five brand-new M&S stores this year. Between them, the all-female team has more than 115 years of retail experience and will lead a combined team of over 1,000 colleagues. The appointments follow the launch of M&S…
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10 August
Marks Electrical revenues surge 31% in Q1
Online electrical retailer, Marks Electrical Group, revealed that revenue grew by 30.7% to £36.2m during the first quarter of FY24. This comes as the company performed particularly well in televisions, washer-dryers, and cordless vacuum cleaners. During the first quarter to 30 July, the company also saw continued growth in next-day…
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10 August
Farfetch to cut headcount amid restructure
Farfetch is reportedly making redundancies across both its London and New York teams amid a restructuring of the group, Drapers has reported. According to Drapers, the move has impacted an estimated 10 people from its London-based marketing team, as well as some workers in its New York-based tech team. In…
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9 August
Manchester martial arts clothing firm expands as sales double
* The Trafford Park firm, which specialises in stylish jiu jitsu sportswear kit, is global hit – shipping to more than 75 countries; * Brazilian jiu jitsu is the world’s fastest growing martial art and celebrity fans include billionaire tycoons Elon Musk and Mark Zuckerberg and movie stars Tom Hardy…
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9 August
Hirestreet launches first ever shoe rental collection with Schuh
UK rental platform Hirestreet has launched its first ever shoe rental offering as part of a new partnership with footwear retailer Schuh. It comes as Hirestreet said it is experiencing a record Summer for occasion wear rental, leading to a 300% increase in site traffic vs Summer 2022. In July…
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9 August
Allbirds revenues drop 10% in Q2
Footwear group Allbirds has revealed that revenues fell by 9.8% to $70.5m (£55.3m) in the second quarter of the year, as it reported a net loss of $28.9m (£22.7m). The group attributed these results to a fall in the average selling price, driven by promotional activity over the period, as…
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